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Moving into a new home can involve some surprises. Some may delight you, while others may challenge you. If you are aware of those surprises going in though, you can prepare more and enjoy a smoother transition into homeownership. Here are a few surprises to be aware of.

1. Maintenance. A lot goes into maintaining a home. The larger and more elaborate the property is, the more maintenance is needed. That also includes maintaining the lawn and garden, not just the structure. Home maintenance requires an ongoing supply of money, time, and labor. You also will need to develop at least some expertise, even if just enough to figure out what you need done, and how to vet reliable professionals.
2. Property value and taxes. Another surprise for a lot of homeowners is just how much property values can rise or fall based on what is going on in the local area. Someone else’s decision that has nothing to do with you could cause your property values to quickly rise or drop. If property values go up, then property taxes are going to rise as well. Sometimes, these increases can be significant. The good news is that your home equity is worth more. But you do need to be able to afford the higher taxes. That is something to plan ahead for when you are determining how much home you can afford. You should pad your budget for the unexpected.
3. The neighborhood. A lot of homebuyers underestimate just how big a role the local neighborhood is going to play in their daily lives. A neighborhood that you love can make your daily experience much better. One that you do not love may reduce your enjoyment of your home. So, during the process of shopping for a home, think carefully about how your home’s surroundings will impact you. That includes the placement of highways, the neighbors, the general look and feel of the neighborhood, etc.
4. What a joy it is to have your own space. While some of the surprises that come with home ownership involve challenges, others are deeply rewarding. If you have never owned your own home before, you will be amazed at the sense of freedom, autonomy, and flexibility you get when you finally have your own property. You will be free to customize and upgrade your home, to put time and care into decorating it, and you will not have to deal with a landlord or property manager anymore.

Buy a Home in Indianapolis or Beyond

Grandview Lending can help you figure out what type of home loan is ideal for your needs. We can walk you quickly and easily through the steps to apply for a mortgage. That way, you can focus on your home search.

If you are ready to get started, please give us a call at (317) 255-0062 to schedule your mortgage consultation. We can help you buy a home in Indianapolis or anywhere in Indiana.

2020 was an interesting time to be buying or selling a home. Because of coronavirus, real estate and mortgage professionals had to come up with innovative ways to facilitate the process while following the rules of social distancing.

But the industry rose to the challenge, and many people were surprised by how easy it was to buy or sell a house last year. If you are shopping for a home in Indiana in 2021, you may be wondering if there are any recommendations to help you make the most of the opportunities in front of you while avoiding potential pitfalls. Here are a few quick tips.

Tips You Need to Know Before Buying a Home

1. Do what you can to boost your credit score and reduce your DTI ratio. A lot of people had income disruptions in 2020. If you also missed workdays, you might have taken out loans to help you get by. Your work hours might now be full and stable again, but you should not forget that any outstanding loans you may have could be impacting your credit score and debt-to-income (DTI) ratio. If you are behind on any payments, this is the time to catch up. If you are able to pay off any loans, doing so might help improve your score and your DTI ratio. Reduce your credit utilization if you can and try to keep it low through the mortgage application process. Also, be sure and order one of your free credit reports and check it over for errors. Credit report errors are common even during “normal” times, and last year was anything but “normal.” If you find errors, you can submit corrections and have the negative entries taken off your reports. Grandview Lending also can help with the pre-application credit scrub to help direct you on a path to improve your score with the access we have to the simulators provided to us by the credit repositories. We can help people by using our credit simulator which is called ‘what if’.  What if I paid this card down to 30% of the limit, or what if I added myself on as an authorized user to my parents/spouse’s card, or what if I opened a new card.  Sometimes that can help increase a score immediately or we can see what happens when it 1, 2, 3 months, and so forth. Also important to know that many times – asking the creditor to close your card – can actually make your score go down.  As it takes away your history.  Better to have a card at a 0 balance with 40 months of history than have ‘not have a card’ with any history.
2. Start your search early for the perfect home. Last year, construction of new homes stalled because of COVID-19, and some sellers who would otherwise have put their homes on the market decided to wait. The result is that we are entering 2021 with lower available home inventory throughout Indiana and the country. With fewer homes on the market, your search might be more involved than you would expect. So, whenever you are planning to begin the process, think about getting an earlier start.
3. Work with a mortgage company that can help you close quickly. In a seller’s market like this one, there is a lot of competition for Indiana homes. The buyer who is able to close the fastest has an advantage over the rest. So, pick a mortgage company that is able to rapidly close. Doing so makes it more likely you will be able to buy your dream home. Also, make sure you go into the home buying process fully prepared, and that you are quick to provide additional documentation if your mortgage company requests it. In doing so, you can speed up the process.
4. Enjoy low-interest rates on a new home and a convenient home buying process. Finally, one more recommendation is to just make sure you are aware of some of the great opportunities this year presents when you are shopping for a home. Did you know that low-interest rates are likely to stick around throughout the year? By locking in a low rate in 2021, you can look forward to affordable homeownership over the years to come. Also, did you know you can take care of many aspects of the home buying process from your own home continuing into this year? Virtual tours and other solutions from last year should remain available during 2021.

Grandview Lending Can Help You Close Fast on a Home in Indiana in 2021

We know that in a seller’s market, you need to be able to move quickly and smoothly through the mortgage process. We are here to help you close fast on a home in Indianapolis or elsewhere in the state. Please give us a call now at (317) 255-0062 to take the next step in purchasing your dream home.